Thorchain Faces Heat Over Bitget Ties and Bybit Fines
Thorchain has been facing scrutiny due to its association with Bitget, a cryptocurrency exchange that was hacked earlier this year. The hack resulted in losses of over $18 million for users, and it has reignited concerns about the security and reliability of exchanges linked to Thorchain.
The controversy surrounding Bybit also resurfaced as a result of the Bitget hack. In December 2022, Bybit was fined $10 million by the Commodity Futures Trading Commission (CFTC) for failing to register with them. This led to widespread criticism and calls for greater regulatory oversight in the industry.
Thorchain has been working to distance itself from exchanges that have faced security issues, but it appears that more needs to be done to address these concerns. The incident serves as a reminder of the importance of ensuring the integrity and security of cryptocurrency exchanges linked to DeFi platforms like Thorchain.